Laserfiche WebLink
<br /> , " <br /> Minutes of Regular Council Mee~ing <br /> MOllday, De ce mb e r 12, 1983 <br /> Page Five <br /> Case No. 83-15 , Woodbridge Properties, Illc. - Park Dedication <br /> Proposal - (Northpark Corporate Center) <br /> Woodbu rll outlined a comp romisepropos ai, to be accep ted by. the <br /> Council alld Woodbridge Properties, Inc., which is the resul~ of <br /> a meeting held tonigh ~ a~ 5: 30 p.m. at the Village Rall. <br /> l. Deve lope r to pay 1% administrative fee of $150,000 <br /> minus $15,000 (application fee which has 'already been' <br /> paid) which results in $135,000 payable at closing <br /> of financing, which is subject to aIlbitrage. <br /> . 2. Park dedication to be 7% or $83,000.00 the pond and <br /> fountain, a major site ameni ty, COllsidered to have <br /> open space characteristics, seating and landscaping, <br /> be given $50,000 credit of open space value; resulting <br /> in a $33,000 cash park dedication, payable in equal <br /> installments o~er a 10-year period. <br /> 3. City to own and maintain sewer, water and storm sewer <br /> (constructed by developer) after approval by City <br /> Engineer. <br /> 4. Developer to own and maintain on-site pond/fountain, <br /> water jets etc. <br /> Mulcahy said be feels this is a fair compromise, negotiated by <br /> Council alld developer. <br /> Attorney Linda Fisher, representillg Woodbridge Properties, Inc., <br /> said the proposal, as outlilled, .fairly represellts the discussioll <br /> at the 5:30 meeting. <br /> It was noted that the proposal represents the "middle ground" <br /> arrived at in the negotiation meeting; has not been approved <br /> by Woodbridge or the City at the present time. <br /> It was noted that the 1% administrative fee can be used for any <br /> City needs. <br /> After discussion, Woodburn said that be is beginning to feel <br /> comfortable witb the compromise, not happy with it, but can.live <br /> with it. McAlliSter said she feels railroaded; does not want to <br /> vote on it tonight, feels it inconsiderate; noted that Council <br /> usually has a memO detailing the negotiations to consider prior <br /> to ~ Council meeting. <br /> Mulcahy said they've spellt two hours in negotiation; noted that. <br /> the re are probably some things that nobody likes; prefers not to <br /> wait to deliberate at a later time. <br /> Mulcahy moved Council acceptance of a committment fee of 1% with <br /> credi t for application fees already paid ($150,000 minus $15,000 <br /> - $135,000, subject to arbitrage); Park Dedication acceptance of <br /> $83,000, comprised of land and amellities (50,000 credit) and <br /> cash in the amount of $33,000 payable in equal installments over <br /> " 10 years; maintenance expenses of pond and fountain equipment to <br /> be paid by the develope r; underground utilites be accepted by the <br /> City for ownership alld maintenance after approval by the Ci ty <br /> Engineer. <br /> Mo tion was seconded by Christiansen. <br /> In further discussion, Treasurer Lamb asked who will pay for the <br /> deferred payment of the cash park dedication ($ 33,000 over 10 <br /> years). .. ., <br /> Weir said the $33,000 cash payment would be the responsibility <br /> of the three partnerships in ratio to size of eacb site, and as <br /> he understands it, would be tied to occupancy. <br /> ". - - ------ <br />